In plain words
As la becomes ḷa, so the forms change; but look at the truth and there is one life only, Yours. Lord who stands in the heart like a lamp of gold and gems, burning, victory to You. Salutation to Nārāyaṇa.
Word for word
In this manner ḷa-ness came to the letter la; if one considers the truth, there is only one life-ness of Yours; O Lord who stands in the heart like a burning lamp of gold and gems, victory! Salutation to Nārāyaṇa.